PracticeAuditBarclays fails to clear IAS39 mist

Barclays fails to clear IAS39 mist

Investors eagerly awaiting Barclays' results in the hope that its financials would clear the mist surrounding the ever-controversial IAS39 will not be able to satisfy their curiosity quite yet.

Link: IASB attacked by Europeans over IAS39

At the end of 2004 Barclays delivered an IFRS update to investors where it indicated that IAS39 was expected to have little or no impact on profits before tax.

Barclays added that it would apply IAS39 in full instead of the EU’s carved-out version.

With the ongoing spat between EU commissioner Charlie McCreevy and the IASB over IAS 39 reaching epic-like proportions, attention was focused on whether the full IAS39 would indeed have minimal effect on Barclay’s profits.

Barclays, however, confirmed that it would not be restating its 2004 accounts in IFRS, so investors will have to wait to see if all the fuss over IAS39 was worth the effort.

Other big companies reporting today include Unilever, which is set to unveil a new board structure that will overhaul its much-maligned two-tiered board; Rolls Royce; and GlaxoSmithKline.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

5d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter